At the end of each year, the employer is supposed to send to the employee and the internal revenue service a form called W2. This W2 form has the details of the total earning of the employee and the tax that has been withheld from the paycheck. This is an essential form because it is the one that is used to determine whether the employee owe tax or is supposed to get a tax refund. An employee who receives this form is known as the W2 employee.
In the W2 form, there are several pieces of information that you will be required to fill. Basically the form will be having information regarding the company or the employer such as the address, and the state identification. In the form, you are also going to find the person, and income details of the employee. click here to learn more on the details that require from the employee to identify them as the taxpayers. On this page, you are also going to learn more on what you should do once you have received the W2 form from the employer.
It is vital to note that the form has boxed that are labeled with letters and number. The employer is required to ensure that the boxes are filled before they give it to the employee or the IRS. It is the responsibility of the employer to make sure that the form is correctly filled to reflect the earning and the income to be withheld. On this website, you will learn more about how the boxes are filled.
It is necessary to note that it is the earning of the previous year that is filled in the W2 form. The form must have been prepared and submitted to the employee before the end of January every year. Before 15 April, the employee is supposed to have filled the necessary details and also do the verification. Learn more on what happens if you do not fill the form on time.
If you are an employer, you will need to create a W2 form for your employees. The printable form is the most recommended. Check here on how the printable W2 form look like. You can use the printable form for the new, current, and the former staffs. To learn more about this W2 form, learn more here.
It is also vital that you understand other tax document that is related to the W2 form. The amount of money that is withheld from the employee paycheck is indicated in the w4 form. Another common form is the w9 which is filled by the contractual employee before they begin doing the job in the company. The earning and deduction of the employee is shown on the 1099 form. To discover more information about these tax form, click on this page.